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S&P Global Ratings upgraded the rating of LIC Nomad Life

S&P Global Ratings upgraded Nomad Life’s national scale rating from “kzAA” to “kzAA+”. The long-term credit rating of the issuer and the financial strength rating of the insurance company was confirmed at the level of “BB+”. The outlook for the financial stability rating was raised from Stable to Positive.
S&P Global Ratings upgraded the rating of LIC Nomad Life

“Nomad Life is characterized by a strong market position, significant distribution network, and well-recognized brand,” the S&P report says.

S&P analysts also believe that the Positive Outlook reflects the possibility of further upgrades to Nomad Life's ratings over the next 12 months, provided that capital stability remains sufficient.

The experts assess the balanced nature of the company's investment strategy, which involves placing assets in the form of highly liquid cash deposits and fixed-income securities, as a positive factor.

The agency's press release also states that the confirmation of Nomad Life's credit rating is due to an increase in capital adequacy reserves following the updated capital model criteria.

When commenting on the increase in the forecast, the Board Chairman of LIC Nomad Life Yerlan Kambetbayev emphasized: “This fact is an important point of development in the activities of any insurance company, and we are glad that the authoritative international agency S&P Global Ratings has highly appreciated our work. This is an important recognition of our sustainable financial performance and effective development strategy. The rating upgrade encourages us to continue our commitment to innovation and high service levels and further strengthen our customers' trust in life insurance products in Kazakhstan.”

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